InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it has completed the sale of InterContinental Mark Hopkins San Francisco (“the Hotel”) to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P., the terms of which were announced on 18 February 2014.
$120m gross disposal proceeds have been received in cash. IHG will continue to manage the Hotel under a long-term management contract.
For further information please contact:
Investor Relations Catherine Dolton; Isabel Green +44 (0)1895 512 176
Media Relations Yasmin Diamond; Zoe Bird +44 (0)1895 512 008
Notes to Editors:
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts.
IHG manages IHG® Rewards Club, the world’s first and largest hotel loyalty programme with over 77 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet across all hotels, globally.
IHG franchises, leases, manages or owns over 4,700 hotels and 687,000 guest rooms in nearly 100 countries and territories. With more than 1,100 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.